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Icade: Business Overview, Financials & Competitive Analysis

Icade SA is a multinational real estate investment trust (REIT) headquartered in Issy-les-Moulineaux, Paris, France. It is both a commercial real estate company with assets of EUR 6.1 billion and a property developer ...

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5/ 10Mixed

Cyborg Score thesis

Fundamentally sound French REIT with strong ESG credentials and dominant market position, but facing near-term market headwinds...

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Industry Real Estate Investment Trust (REIT) & Commercial Property Development
2 named competitors
3 recent developments
11 analyst dimensions
Synthesized from analyst-debate stress-testing across 11 dimensions and hundreds of data points. Methodology →
Cyborg Score recalibrated: November 2, 2026
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Icade Overview

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Icade SA is a multinational real estate investment trust (REIT) headquartered in Issy-les-Moulineaux, Paris, France. It is both a commercial real estate company with assets of EUR 6.1 billion and a property developer with 2025 net sales of EUR 1.1 billion. Icade is the leading commercial real-estate company for offices and business parks in the Ile-de-France region and the largest REIT in France's healthcare sector.

Strategic Profile

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Icade operates throughout France with a portfolio worth €6.2bn and 2024 economic revenue of €1.2bn. The company has made climate issues and the preservation of biodiversity central to its business model to reinvent real estate and contribute to more sustainable cities. It invests in various types of properties including health care, offices, business parks, housing and public facilities.

Competitive Landscape

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Icade is one of the largest property businesses of France, competing in the French REIT market with a focus on offices, business parks, and healthcare properties. Primary competitors include other European real estate players such as Gecina and Klépierre in the French market. The company's dominant position in Île-de-France office and business park segments provides competitive advantages, though recent analyst downgrades suggest market concerns about European real estate valuations.

Industry Context

Icade operates in Real Estate Investment Trust (REIT) & Commercial Property Development.

Key facts

Founded: 1954 · Headquarters: Issy-les-Moulineaux, Paris, France · Revenue: EUR 1.1B (2025)

What the AI analysts debated

AI-generated and not independently verified: selected findings from the multi-agent debate on Icade.

  • Analyst consensus shows a Sell rating with 2 buy and 7 sell recommendations, indicating significant bearish sentiment
  • 2024 revenue declined 7.37% to EUR 1.41 billion, signaling operational challenges
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Recent developments

Material events tracked by the AskCyborg corpus.

  • December 2025Assets valued at EUR 6.1 billion, maintaining portfolio stability despite market challenges
  • 2024Revenue decreased to EUR 1.41 billion amid market headwinds
  • +1 moreTrack every material event for Icade as it happens. Explore monitoring →
Get alerted when Icade has a new material development →

Named competitors

Pulled from the analyst-debate framework. Click any competitor to see their Cyborg Score.

Commercial Real Estate InvestmentParis-based office and residential REIT→Retail and Shopping Center FocusEuropean shopping center REIT→

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Industry context

Icade operates in Real Estate Investment Trust (REIT) & Commercial Property Development. See how the rest of the sector scores on the Cyborg framework.

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Frequently asked questions

What does Icade do?+
Icade SA is a multinational real estate investment trust (REIT) headquartered in Issy-les-Moulineaux, Paris, France. It is both a commercial real estate company with assets of EUR 6.1 billion and a property developer ...
What is Icade's Cyborg Score?+
Icade has a Cyborg Score of 5/10 (Mixed). The score synthesizes business model, financials, leadership, competitive position, technology, marketing, and ESG dimensions across hundreds of data points.
Who are Icade's main competitors?+
Named competitors include Commercial Real Estate Investment, Retail and Shopping Center Focus. The full competitive landscape is in the AskCyborg report.
How can I get the full Icade research report?+
Get the report plus analyst-debate audio at askcyborg.com -- no credit card required for preview access. Pro adds saved-company audio playlists and monitoring.
How current is the Icade research?+
The Cyborg Score is recalibrated weekly. Recent developments are tracked continuously and surfaced in every report.

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